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Proposal Would Triple Transfer Tax for Larger Commercial Sales
Civic organization the Metropolitan Planning Council (MPC) is supporting a proposal to triple the city’s real estate transfer tax for sellers of large commercial properties as well as pricey homes. The proposal would increase the current across-the-board rate of 1% to 3.3% of all property sales over $5 million, Crain’s Chicago Business reported.
The increase would raise $150 million a year to fight homelessness, according to the MPC. The business-backed group included the proposal in a briefing paper it distributed to Chicago’s mayoral candidates ahead of the April 2 election.
It’s one of dozens of changes in city policy the MPC would like to see, according to Crain’s. Others include boosting use of South and West Side Metra lines, revamping density bonuses some developers get to encourage more work in low-income neighborhoods, and developing plans to phase out the use of lead water-feeder lines.
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